According to a statement published on Monday by Binance (the largest cryptocurrency trading platform in the world by trade volume), the stablecoin USDC will be removed from the platform’s list of spot trading pairs.
Binance stated that holders of three different stablecoins (USDC, USDP, and TUSD) would have their balances automatically converted into BUSD if they didn’t remove the mentioned stablecoins from the exchange.
Binance also stated that it plans to automatically convert some stablecoin balances if the funds are not withdrawn by September 29, 2022.
According to the exchange on September 5, “Fellow Binancians, to enhance liquidity and capital-efficiency for users, Binance is introducing BUSD Auto-Conversion for users’ existing balances and new deposits of USDC, USDP, and TUSD stablecoins at a 1:1 ratio.” The announcement stated that Binance would also remove some spot trading pairs.
Three days before the auto-conversion deadline of September 29, the pairs will be removed, and their trading will end. On September 26, 03:00 (UTC), Binance will remove and cease trading on the following spot trading pairs: USDC/BUSD, USDC/USDT, USDP/BUSD, USDP/USDT, TUSD/BUSD, TUSD/USDT.
On September 29, three days after those trading pairs are removed, Binance will also stop supporting the following trading pairs: ADA/USDC, ATOM/USDC, AUD/USDC, BCH/USDC, BNB/USDC, BTC/USDC, BTTC/USDC, EOS/USDC, ETH/USDC, LINK/USDC, LTC/USDC, SOL/USDC, TRX/USDC, WIN/USDC, and XRP/USDC.
Some social media users lauded the decision, while others criticized it. Many others questioned Binance’s judgement and motivation.
In addition to being the largest crypto exchange in terms of trade volume, Binance is also the issuer of BUSD, the third-largest stablecoin by market cap. The market value of the dollar-pegged cryptocurrency is approximately $19.44 billion. USDC currently has a market capitalization of $51.89 billion.
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